UNITY ANNOUNCES ESPIOR PROPERTY ACQUISITION
March 31, 2017 — Unity Energy Corp. (TSX.V:UTY) (“Unity” or the “Company”) is pleased to announce that it has entered into an agreement with an arm’s length vendor to acquire a 100% interest in the Espior Gold Project (the “Project”), located in the Val-d’Or mining camp, Quebec. The principle target at the Espior Gold project is a 2.5km section of the Cadillac Break, a major tectonic zone, characterized by intense shearing near the contact between the Pontiac Group and the Malartic Group. The Cadillac Break is one of the most important metallogenic features in the Val-d’Or mining camp. Several past producers (e.g. East Malartic, Barnat-Sladen, and O’Brien) and recent discoveries such as the Lapa and the Goldex Mines of Agnico-Eagle Mines Inc. are spatially associated with the Cadillac Break and/or related subsidiary structures. In 2016, a detailed first pass program was completed on the Espior project, which included prospecting, beep-mapping and a ground magnetic and VLF-EM survey. The survey was successful in mapping a significant east-west trending fault in the Abitibi Greenstone.
Under the terms of the agreement, the Company can earn 100% interest in the claims by paying $10,000 cash upon the signing of the agreement and issuing 700,000 common shares within three (3) days of TSX Venture Exchange Approval. The Company is also obligated to make cash payments of $25,000 on or before March 29, 2018, $25,000 on or before September 29, 2018, $100,000 on or before March 29, 2019 and incur no less than $500,000 in exploration expenditures within three (3) years of the signing of the agreement. A 2% Net Smelter Royalty (“NSR”) has been granted to the vendor, of which 1% can be purchased by the Company for $1,000,000, if purchased within six (6) years of the signing of the agreement.
In addition, the Company has reduced its holdings in the Athabasca Basin. The Company currently has a 100% interest in the McKenzie Lake, Close Lake, Hoppy Lake and Milliken Creek projects. Unity also has 50% option interest in the Mitchell Lake Uranium project; the balance of the option interest is subject to an earn-in agreement with 92 Resource Corp. (TSX.V:NTY) The Company also has a 10% carried interest in the Dickens Lake Gold Project, located in the La Ronge Gold Belt, central Saskatchewan; the balance of the interest is held by First Cobalt Corp. (TSX.V:FCC).
For more information, contact the Company at 604-681-0004 or visit www.unityenergycorp.com
On Behalf of the Board of Directors of Unity Energy Corp.
Anita Algie B.Sc. Hon, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.